New Lenders Accredited to British Business Bank Coronavirus Business Interruption Loan Scheme
Today the British Business Bank has announced that it has approved BLG Development Finance, Conister, RM Funds and Western Union Business Solutions for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
These new CBILS lenders will be able to provide finance to smaller businesses with turnover of up to £45m that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.
Following their approval, the lender will put in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.
Government published statistics show over 1.2 million businesses have to date benefitted from loans and guarantees worth £52.65 billion through schemes delivered by the British Business Bank. This includes 1,174,854 Bounce Back Loans worth over £35 billion, 60,409 facilities worth almost £13.7 billion through the Coronavirus Business Interruption Loan Scheme and 516 facilities worth £3.5 billion through the Coronavirus Large Business Interruption Loan Scheme.
The Bank continues to review applications from a wide range of lender types – from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.